Issuer deemed to have ceased to be a reporting issuer. Issuer has twenty-two unitholders. No units have been transferred in the last sixteen years and no market for the units is expected to develop. Issuer is not in default of any of its statutory obligations as a reporting issuer.
Applicable Statutory Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., s. 83.
IN THE MATTER OF
THE SECURITIES ACT
R.S.O. 1990, C.S.5, AS AMENDED (the "Act")
IN THE MATTER OF
RIDEAU HEIGHTS APARTMENT TRUST
UPON the application (the "Application") of Cash Pro Holdings Inc. (the "Applicant"), the sole trustee of the Rideau Heights Apartment Trust (the "Issuer"), for an order pursuant to section 83 of the Act deeming the issuer to have ceased to be a reporting issuer in Ontario;
AND UPON considering the Application and the recommendation of the staff of the Commission;
AND UPON the Applicant and the Issuer representing to the Commission that:
1. The Issuer was created through a Unitholders' Agreement and a Declaration of Trust, both dated the 21st day of July, 1976.
2. The principal office of the Applicant and the Issuer is located at 244 Camelot St., Thunder Bay, Ontario P7A 4B1.
3. The Issuer issued 100 trust units (the "Units") which are currently held by 22 investors (the "Investors"), all of whom are resident in Ontario.
4. The Units were issued pursuant to the terms of a prospectus dated September 23, 1976, which prospectus qualified the Units for sale in Ontario only.
5. The Applicant acts as sole trustee for the Investors in connection with a multiple unit residential building ("MURB") located in the City of Kingston, Ontario and has done so since December 2, 1988.
6. None of the Units have been transferred during the almost 16 years that the Applicant has been the sole trustee of the Issuer except to the estate and/or beneficiaries of deceased holders of Units.
7. The Units are not traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation.
8. As of July 21, 2004, the following mortgages are outstanding on the MURB owned by the Issuer: (a) a first mortgage in favour of Montrose Financial Group in the approximate principal amount of $3,500,000 maturing April 1, 2008; and (b) a second mortgage in favour of Canada Mortgage and Housing Corporation in the approximate principal amount of $3,473,000 maturing December 1, 2026.
9. Other than as described above, the Issuer has no securities, including debt securities, outstanding.
10. Eighteen Investors holding 88.5 of the 100 Units have consented to the making of this order.
11. The Issuer has no plans to seek public financing by offering its securities in Canada.
12. The Issuer is applying for relief to cease to be a reporting issuer in the only jurisdiction in Canada in which it is currently a reporting issuer.
13. There is no market for the Units and the Applicant and the Issuer do not anticipate that any such market will develop.
14. The Issuer is not in default of any of its obligations as a reporting issuer under the Act.
AND UPON the Commission being satisfied that to so would not be prejudicial to the public interest;
IT IS HEREBY ORDERED pursuant to section 83 of the Act that the Issuer be deemed to have ceased to be a reporting issuer in Ontario.
August 6, 2004.
"Paul K. Bates"